Operational Updates
Warren Resources Announces First Quarter 2012 Financial and Operating Results
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Warren Resources, Inc. has reported its first quarter 2012 financial and operating results. Warren reported net income of $3.8 million, or $0.05 per basic and diluted share (including a loss on derivative financial instruments of $0.9 million), compared to a net loss of $0.6 million, or ($0.01) per basic and diluted share, for the first quarter of 2011 (including a loss on derivative financial instruments of $5.8 million).
In announcing the results, Norman F. Swanton, Chairman and Chief Executive Officer, commented, "We continue to be in a strong financial position thanks to our oil drilling success in California. As a result of the 2011 and first quarter 2012 drilling program, Warren exited the first quarter at over 3,600 gross barrels of oil per day ("BOPD") at our two Wilmington Field…
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